One country provides an instructive example. For decades, the US has dedicated billions of dollars in federal government spending — both grants and tax credits — to propel carbon capture ventures at power plants and industrial facilities, but it has little to show for that largesse. Just 14 projects are operating today, with half of them tied to the very cheapest applications — gas processing and ethanol production — according to a database by the non-governmental organization Clean Air Task Force.

Global expenditures will reach a range of $18.5 billion to $19.5 billion in 2024, up from $17 billion this year, San Ramon, California-based Chevron said Wednesday. The Permian basin will account for the largest portion of that investment at $5 billion.

A federal judge has thrown out a lawsuit filed by the Center for Biological Diversity and WildEarth Guardians against the federal Department of Interior, state of Wyoming, Petroleum Association of Wyoming and others to shut down hundreds of oil and gas drilling permits.

The Ark-La-Tex active rig count was over 80 for most of 2H22 and 1Q23. However, throughout 2H23, activity has been stuck in a 50- to 60-rig range. Meanwhile, the EIA reported that just 43 wells were completed in the Haynesville in October, down by 19 from last December’s peak.

U.S. shale developers have been on a relentless chase to drill for oil as cheaply as possible.

Federal agencies are poised to release a battery of rules in the coming months that crack down on the oil and gas sector for releasing the potent greenhouse gas.

The company said it plans to open its EV offering at key markets by the end of the year and have the charging stations available at a total of 31 hubs by the end of 2024.